Detroit's Packard Plant Headed For Auction
Foreclosed due to property tax delinquency, the plant will reportedly be auctioned from $975,000, about the same amount of taxes owed by the current owner on the 43 parcels, Crain’s Detroit Business reports.
The auction, which is likely to occur between September 20 and September 26, will put the 43 parcels up for bidding as one bundled property. However, if the plant fails to sell, the parcels will go up for auction again in October at a bundled price of only $500 per parcel. That means bidding for the 43 parcels will start at a mere $21,500. Accord to local authorities, if the second auction fails to find a new owner as well, the factory could be handed over to the Michigan Land Bank of the Wayne Country Land Bank.
Founded in 1899, Packard ceased all activity in 1958. Since then, the 3.5 million square feet factory hosted several small businesses, but has long been a victim for scrappers and vandals. The sites former owner, Bioresource Inc., planned to demolish the complex back in 2012.
Story via CrainsDetroitBusiness